Residential Lighting Fixtures Market 2021-2026
Report Details:
This report provides in depth study of “Residential Lighting Fixtures Market” using SWOT analysis i.e. Strength, Weakness, Opportunities and Threat to the organization. The Residential Lighting Fixtures Market report also provides an in-depth survey of key players in the market which is based on the various objectives of an organization such as profiling, the product outline, the quantity of production, required raw material, and the financial health of the organization.
Drivers and Constraints
The fundamental dynamics that are explored in the report hold substantial influence over the Residential Lighting Fixtures market. The report further studies on the value, volume trends, and the pricing history of the market. In addition to it, various growth factors, restraints, and opportunities are also analyzed for the market to study the in-depth understanding of the market.
This report also analyzes the impact of Coronavirus COVID-19 on the Residential Lighting Fixtures industry.
Anticipated to reach a valuation of approximately US$ 29.7 Billion in 2019, the global demand for residential lighting fixtures is expected to grow at a steady rate of 4.5 percent CAGR, through the period of 2018-2026, considering growing sales of smart lighting solutions, energy-efficient products such as the LEDs, and growing demand for fancy lightings. Moreover, governments increasingly promoting the smart cities concept will boost residential lighting fixtures’ demand in the coming years, as indicated in a recent intelligence study on global residential lighting fixtures market published by Persistence Market Research.
“While the global revenue from the sales of residential lighting fixtures is anticipated to witness a steady year-on-year growth, the market study by Persistence Market Research indicates that the global sales of residential lighting fixtures, through 2026, will exceed a whopping US$ 40 Billion revenue. Such increasing global demand for residential lighting fixtures can safely be attributed to continuous developments and innovations in technology and increase in construction of smart and premium homes,” a senior research analyst elaborates.
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Key Players:
The report has profiled some of the Important players prevalent in the global like – CREE, Inc., Koninklijke Philips N.V., Hubbell Lighting, Inc., General Electric, OSRAM Licht AG, Signify NV,, Acuity Brands Lighting, Inc., Panasonic Corporation, L.D. Kichler Co., Eaton Corporation, Kenroy Homes, Briloner Leuchten GmbH, Others. and more.
This report covers the sales volume, price, revenue, gross margin, manufacturers, suppliers, distributors, intermediaries, customers, historical growth and future perspectives in the Residential Lighting Fixtures.
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PMR Spots Demand-Driving Trends, Globally
The market is currently witnessing a thriving trend of replacing old metal halide fixtures with LED lighting fixtures, arising from the many benefits of LEDs including better lighting effects and cost-efficient output, while also promoting low-energy consuming lighting products. Manufacturers, in North America are replacing old lighting technologies with newer ones for both indoor and outdoor lighting solution, thereby, influencing the demand for residential lighting fixtures.
On the other hand, Latin America is likely to witness trends around strategic partnerships between manufacturers of residential lighting fixtures and online retailers for an expansive online visibility of products. In Europe, increasing application of lighting solutions in the healthcare sector will remain a major trend. In emerging markets of SEA and Other of APAC, India projects lucrative investment opportunities, considering the ‘smart city’ initiatives by the government. In China, smart LED streetlights market will gain significance by 2020. To change the present lighting infrastructure, governments in Japan are partnering with key manufacturers of lighting fixtures.
“Moreover, global climate change has translated into governments banning incandescent bulbs to meet a minimum energy efficiency level, thereby, favoring greener and more efficient technologies such as the LEDs. For instance, California became the first US state to ban incandescent bulbs, beginning 2018—a move that is expected to save consumers approximately US$ 1 Billion a year in energy bills”, adds the analyst
In the wheel of fortune, the report on residential lighting fixtures market, places key segments including fixture types, lighting source, pricing, and region in various growth quadrants, ranging from slow growth to very high growth quadrant. A majority of market segments fall in the high and very high growth quadrants. Regionally, Middle East and Africa fall in the slow growth quadrant, while Europe and China occupy a position in the medium growth quadrant. However, regions like North America, Latin America, SEA and Others of APAC, and Japan are among the fast growing revenue pockets. In terms of lighting source, incandescent is a slow-moving segment compared to fluorescent and LED and OLED—safely placed in the high growth quadrant owing to their energy-efficient attributes. On the basis of fixtures, while recessed fixtures and under cabinet lighting solution fall in the high-growth quad, adoption of vanity fixtures and outdoor fixtures is projected to remain high through 2026. In terms of pricing, premium residential fixtures are estimated to gain prominence in the coming years, hence, falls in very high growth quadrant. Drawing from an analysis of the wheel of fortune:
- Flush mount fixtures, will remain the fastest growing segment, owing to their increased utility in modern interiors. Demand for flush mount fixtures is estimated to grow at a robust rate through 2026, generating a revenue of nearly US$ 9.4 Billion, during the same period. Such demand trend will be witnessed by recessed fixtures, in the coming years.
- Stringency in government regulations and the low cost and long lifespan benefits, will drive the future sales of LEDs and OLEDs—holding approximately 54 percent of the total market share, followed by fluorescent at 39 percent market share.
- In Latin America, demand for residential lighting fixtures can be attributed to a massive rise in the numbers of regulations mandating the replacement of old lighting technologies with energy-efficient lighting systems.
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Key Stakeholders
Residential Lighting Fixtures Market Manufacturers
Residential Lighting Fixtures Market Distributors/Traders/Wholesalers
Residential Lighting Fixtures Market Subcomponent Manufacturers
Industry Association
Downstream Vendors
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The global residential fixtures market showcases a highly competitive landscape, considering presence of several leading global and regional players. Tier-1 manufactures of residential lighting fixtures including companies like Hubbell, General Electric, Signify, and OSRAM GmbH hold dominance over 45.5 percent market share compared to tier-2 players such as Cree, Panasonic, and Royal Philips NV trailing with 36.4 percent market share. Porter’s Five Force Analysis projects high threat of new entrants, bargaining power of buyers, and threat of substitutes. Bargaining power of suppliers will remain moderate owing to the high demand for advanced technologies, as per the analysis. To counter these, core forward market strategies include:
- As a part of their differentiation strategy, key companies in the global residential lighting fixtures market are focusing on the growing their profit margin through product portfolio expansion.
- Top performers such as Cree and Panasonic are projected to focus on portfolio expansion through technological advancements. In October 2018, Cree expanded its industrial lighting portfolio with new LXB Series Linear High-Bay luminaries.
- For business opportunity expansion, key companies are also looking to collaborate with other manufacturers of residential lighting fixtures and develop high quality and better functioning products. In In May 2018, Acuity Brands acquired IOTA Engineering LLC, making a foray into the smart building equipment market.
- Infrastructure development and increased investments in research and development will also remain a key strategy among manufacturers of residential lighting fixtures.
- For instance, Hubbell Lighting, Inc. opened a Lighting Solution Lab in South Carolina to facilitate proper training of employees translating into better developed lighting solutions.
Major Highlights of the Residential Lighting Fixtures Market Report:
- The Residential Lighting Fixtures Market analysis report offers an in-depth study of the potential market growth opportunities and challenges.
- The report dives deeper into the market and explains the dynamic factors bolstering market growth.
- The report deeply assesses the current, historical market size, market share, and revenue growth rates to offer accurate market projections for the forecast period.
- The report analyzes the Residential Lighting Fixtures Market presence across major regions of the world.
- It determines the production & consumption capacities and demand & supply dynamics of each regional market.
- The report further illustrates the intense competition among the key market players and highlights their effective business expansion plans and strategies.
- It provides company overview and SWOT analysis of each of the market players.
Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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